Breaking: Network18 To Acquire Majority Stake In AIM-Listed Indian Film Company

 Network18 Holdings, a subsidiary of Raghav Bahl-promoted Network18 Media and Investments Ltd, will acquire a majority in The Indian Film Company Ltd, an AIM, London-listed producer of blockbuster Bollywood films such as Jab We Met, Welcome, Singh is Kinng, Golmaal Returns and Ghajini. Network18 Media informed the Bombay Stock Exchange that Network18 Holdings has acquired a 14.39% stake from a single shareholder in the company. With this acquisition, made at 39.75 pence a share, Network18 Holdings’ stake in the company goes up to 35.99%. Under the UK Takeover Code, Network18 Holdings now has to make an open offer for all remaining shares not owned by the Network18 Group. The open offer will be made at 40 pence a share, the company said. A source familiar with the development said Network18 would have to acquire a majority stake in the company as per UK regulations.